The game theory approach to the analysis of oligopoly assumes that oligopolists
a. ignore their interdependence.
b. behave with little forethought.
c. do not take their businesses seriously.
d. act strategically.
d
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Who loses and who gains from the minimum wage?
A) Losers are all workers and gainers are all firms. B) Losers are all firms and gainers are all workers. C) Losers are all firms and some workers, while gainers are other workers. D) Gainers are some firms and all workers, while losers are some firms. E) Gainers are some firms and some workers, while losers are other firms and other workers.
The marginal utility of a third skirt is
A) three times the average utility of the three skirts. B) three skirts times the price of a skirt. C) the total utility of three skirts divided by three. D) the change in total utility from the third skirt.